Mack-Cali office property sold in $5.8 million deal

By ,
May 14, 2013 at 8:23 AM

Mack-Cali Realty Corp., of Edison, announced Monday it has sold an office building at 777 Passaic Ave., in Clifton, to a joint venture comprised of Gottesman Real Estate Partners and Mountain Development Corp.

According to the announcement, the property sold for approximately $5.8 million.

In a statement, Mack-Cali CEO and President Mitchell Hersh said the sale “will allow us to redeploy the proceeds into more strategic growth opportunities.” The five-story, approximately 77,000-square-foot building is approximately 65 percent occupied.